BDS Mortgage Group is looking to have 60 satellite packagers on board by the end of the year.
BDS has grown this by almost a quarter over the last month due to lender pressure within the market.
BDS has reported a flood of enquiries from small packagers being squeezed from the market by lenders wanting to reduce distribution and economies of scale. BDS has cited its recent link with Pink and the Skipton and the financial stability this has brought as the potential reason for this burst of enquires from firms looking to become satellite packagers.
At the beginning of the year BDS had 45 satellite packagers and was looking to grow this to 60 by the year end but with nine being taken on in the last few weeks alone and another six being turned down through a lack of volume and quality of their offerings, BDS is expecting this target to expand drastically.
This news comes on the back of the announcement by BDS, with the backing of Skipton, that it is guaranteeing all procuration fees for cases that complete with BDS therefore adding even more security to its offerings.
Bob Hope, sales and marketing director at BDS, says: “There are lots of rumours regarding a number of packagers being in financial trouble and there is no doubt that it is currently a tough market in which to work. However it appears that our growth targets are being shattered and we believe a good portion of this positive news is down to the recent deal with Pink and the Skipton. This strategic alliance has certainly increased confidence for packagers looking to join our satellite packaging arm but it is important that we grow this offering in the right way and we are ensuring this via the strict vetting of firms joining us in terms of the quality of their offerings.”